PRESS/19
28 July 1995 Financial
services agreement confirmed: statment by Chairman
The Chairman of the Committee on Trade in Financial Services, Mr. Frank Swedlove of
Canada, today confirmed the completion of the negotiations on financial services.In all
twenty-nine WTO Members (counting the EU as one) have agreed to sign the protocol stating
their intention to implement improved schedules of commitments by no later than 30 June
1996. A decision related to the protocol also states the willingness of members to comply
with the improved schedules immediately, so long as it is consistent with existing
domestic legislation. Swedlove noted in the meeting:

"Given the
events of 30 June, the results achieved today are the best that could have been hoped for.
The discussions and negotiations which have taken place over the past year have led to
important improvements, both in terms of market access and national treatment commitments
and in terms of fewer and less trade-distorting MFN exemptions.

"The EU has shown
great leadership over the past month in response to the US decision of the end of June.
And other countries should also be commended for their unwavering commitment to the
principles of progressive liberalization and MFN. Without these efforts, the negotiations
on financial services would have certainly led to failure.

"Today's
achievement should be considered as a key step forward, but by no means the end of the
process. Members have committed to review their positions on financial services by the end
of 1997. This will create an opportunity for commitments to further liberalization and an
even broader MFN-based agreement."